Aussie tumbles as copper prices drop

USD/JPY still traded with weakness today, edging down from 117.95 to 117.28. EUR/JPY also continued to be sold, from 138.88 to a fresh trend low of 138.15. ECB easing expectations and Greece concerns continue to weigh on the euro.

EUR/USD opened in Asia at 1.1770 after easing across the board overnight with EUR/JPY in the lead. EUR/USD was sidelined in Asia, drifting between 1.1764-85. Sentiment remains bearish ahead of the ECB policy meeting on the 22nd and then the Greece election on the 25th.

GBP/USD remained heavy after weak UK inflation data on Tuesday growing expectations the Bank of England will remain more dovish for longer. In the Asian, cable moved down from 1.5176 to 1.5145 before steadying. EUR/GBP traded sideways shuffle between 0.7759-75.

USD/CHF did little, treading water between 1.0190-1.0207. EUR/CHF did not move, holding at 1.2009-10 on an indomitable SNB.

AUD/USD opened in Asia at 0.8165. Early in the session the pair moved up to 0.8190 before reversing course as copper tanked and the Shanghai market was down over 5 AUD/USD plunged to 0.8077 and looks vulnerable just before the key 0.8000 level.

The post Aussie tumbles as copper prices drop appeared first on Forex Circles.

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